Indian markets slump as Sensex drops 1,635.67 and Nifty50 falls
Business
Rough day for the Indian stock market: Sensex dropped 1,635.67 points to close at 71,947.55, and Nifty50 fell 488.20 points to finish at 22,331.40.
Early trading was weak and losses widened into the close.
RBI FX rules hit banking stocks
Banking stocks took a big hit after Reserve Bank of India rolled out tighter rules on foreign exchange positions.
The Bank Nifty index slid almost 2%, while metal stocks held up better.
Meanwhile, most shares were in the red; 867 shares advanced while 2,871 shares declined, indicating broad investor caution.